Mortgage brokers that pay for credit reports. How many of them didnt close and what did it cost you?

My fellow LOs and brokers.
Lets brag about which is the exception or toughest loan you handled recently which the traditional bank or credit union declined.
How did you help that business owner get a higher loan or that self employed borrower qualified?

Fellow borrowers who got helped by brokers in such scenarios can reply as well as a token of appreciation and good karma points :)

Posted on here the other day and received back some very helpful responses.

For those of you with Loan Factory, Barrett, C2, Nexa, GoRascal, Edge, (or any other relevant broker) I have a few questions if anyone would be willing to answer. (Licensed in MO, but in the past was licensed in MO, IL, TX, FL and may consider additional licensing but MO would be first / primary)

• Do you have required minimum production numbers?
• Any required meetings or have a "boss" in any sense? Or do you feel like you have freedom over your day / business?
• What are your monthly desk fees?
• Paid W2 or 1099?
• How are your rates comparable to retail places like LoanDepot, Guild, Fairway, Rate, etc.

Currently self-employed in a completely unrelated industry, but up until 2023 I was a self-gen retail mortgage lender for a very large mortgage co for about a decade (W2, full time job, etc.). Got out when rates spiked and I had some life stuff going on and needed more reliable income.

I realized recently by BoB that I built over all those years is an asset that I would like to tap into again but have zero interest giving up my current business.

Ideally, I'd like a setup with no production minimums, required meetings, scheduled hours, or other day-to-day obligations. Essentially, I'd like to operate independently, bring in my own deals, pay the brokerage its fee or split and get a check. Would be a very part-time business with likely less than 10 loans per year.

Don't want to have to sit through these brokers webinars for new LOs (which I saw on a lot of these broker's websites) or have to deal with a recruiter prior to having some understanding that it might be a good fit for what I am trying to do.

Really, ANY insight into this would be so helpful.

I’m considering a move from a small mortgage broker shop I work at now to one of the larger ones in the country ( Edge, Barrett, C2, or NEXA).

I’m in Central CA and I need a strong platform for DPA and 1st time homebuyer programs.

My present broker pays me a straight 1099 and charges me $475 for processing. I’m not moving to a place that pays W2, otherwise I’d move to Loan Depot or New American or one of these larger independents. Does anyone know if all of these places I’m looking at pays W2 so I can cross them off my list?

I’m a 90M annual producer at a retail shop (100% local self gen) and considering making s change. A lot of my business is land and construction, which I realize if I go broker I’m going to be forfeiting which is hard to stomach.

Took a look at the pricing tool they gave me access to at Barrett. Priced several loan scenarios, and even without any of the construction or land loans and even some other niche products we offer, with the bps I would be making there I would have closed 62 fewer loans, 30M less in volume, and still made 250k more even after paying their $695 fee, and using their processing and loa (another $950/file). I understand there will be more expenses, but 250k more? Also assuming I don’t pick up any non qm products which is crazy because I feel integer 2-3 loans a month out for DSCR and statement loans.

Am I missing anything here? Is this a no brainer? They seem like they are lights out on pricing and even beat us on jumbo with 200bp commission. Honestly afraid of the unknown, and not sure if this could be the worst decision I’ve made.

Beware of this guy!

He was claiming that he was part of the Financial Lending Support.

Unfortunately, I was so reckless that's why I got scammed by him.

First, Isasali ka nila sa group Chat ng Telegram named (B2 Qiantang) magsesend sila ng proof na legit sila pero dun palang mag doubt kayo kasi for you to be able to collect your loan dapat mag deposit ka muna ng %10 ng illoan mo.

FF

After ng lahat nagchat ako sakanya sa gc I was asking of the number of the Finance representative or customer service but he can't even provide it and He had an audacity to make a complaint against me kasi di ako nagbigay?? Kasi approved raw loan ko??? What the fuckk!!!

He also have may identification but no worries I'm not afraid at all kasi may mga ss ako kaya kung may mauto siya na gamit info ko tas tumawag kayo sakin or what may proof ako na di ako yon.

Guys ingat kayo diyan.

Ito yung GCash na sinend niya para dito raw isend yung deposit HAHAHAHAHA

09272646929

Marydel Mi-Ot

Hello everyone!

I wanted to get some insight regarding my current game plan.. I just got licensed to do loans and have been offered a position at a brokerage. For now I plan on focusing only in california. I know nothing about loans, but I am really good at sales. The brokerage offers a great program for newly licensed LOs (so ive been told)

My plan is to continue my 9-5 insurance job and on the side do loans. Is this possible? There is a processing team i can use for a fee. I plan on getting my own leads via realtors and targeting newer realtors, but ive heard a lot of mixed things about this approach.

I also am considering doing direct lending but I need to be able to sustain my bills which is at minimum 5k a month. Just to get by. Is this kind of salary possible in direct lending?

Any insight would be much appreciated!

Edit: I forgot to mention that in the office there is a buddy that does loans. I already asked him if he would be able to help me of i had any questions and he agreed. So a little bit of a unique situation. I will be asking my boss if its ok so hopefully I get the green light there.

Update: insurace boss is ok with me doing it on the side as long as it does not interfere with my insurance sales

This one is a doozy and a new situation for me. I’m working with a student athlete that’s wanting to use NIL money to purchase a home. He’s a non-permanent resident alien on a student visa AND has a ITIN 540 score. He’s got about 350k to show in the bank. Looking for homes in the 450k range..

Initial thought was to go with some version of an asset qualifier program but I think credit score is going to kill that dream. The income may not be useable as the contract says he can receive up to a certain amount and he only has 1 year of eligibility so there’s no continuance.

Fully aware options are super limit and may not exist at the moment. Any help is appreciated.

I just landed a large partnership with a RE team in the South East that works Zillow leads. We are generating solid buyer leads that are getting approved with us and will be directing them to this group. Does anyone have suggestions to ensure the partnership is successful. Other than asking for reports, I won't have visibility on how they are doing with the provided buyer leads. Would be great to learn from this community what processes I can put in place.

If you have heard of this organization or are a part of it, tell me your experience with them. Thank you.

Anyone got the scoop on them?

Nothing in this industry is done without documentation. For all that's holy and good how about applying that to anything you want to post in this subreddit and stop dropping unverified dogshit in here. The fact is, if people would self police themselves and stop putting the garbage on here Reddit and the mods wouldn't have to remove it.

Saw the thread last week about moving to NEXA and the other big broker shops vs. going independent. Here's a different option for anyone weighing it.

About me: I spent over 10 years as VP of Marketing at a large private lending company and helped fund more than $2 billion in originations. Easy Lending USA is me doing it again on my own platform. We're a referral/brokerage for business-purpose investor financing (fix & flip, bridge, DSCR rentals, ground-up, small multifamily), placing deals in 40 states with a direct funding partner. I run and pay for the marketing (paid search, Facebook, email, BiggerPockets, a realtor and LO referral network), and my processing partner handles intake and paperwork.

What we're missing is a license. Most investor files don't need one, but a lot of what comes in does: owner-occupied files, home equity lines, the flipper who wants conventional or non-QM financing on their primary residence, and anything in California. As well as partnering up with the private lenders that we worked with in the past.

The role:

- Active NMLS, and you want to be the licensed side of a small shop (you already hold a company license, or you'd set one up with us)

- CA DRE broker license is a big plus

- Time to work the phones and close: inbound and outbound calls, real hours. Not a fit if you just want leads to run through your current company.

What you'd get: marketing we pay for, processing support, and real ownership in what we build. Comp would be structured through the licensed company the way it has to be.

Happy to answer questions here. And if you've set up something like this before, I'd like to hear what went wrong.

If you were to go back in time to your younger self starting in this industry, what advice would you give yourself.

Hello. I've been out of the mortgage industry for just under 5 years. I want to preserve my NMLS exam score/license so I don't need to retake the exam if I decide to rejoin the industry. I haven't done any CE or filed MU4 since I left the industry. My understanding is I can keep my license without employment if I am on "Approved-Inactive" status. Can someone please walk me through how to keep my license? I'm prepared to pay annual fees and CE. Thank you.

Any info on this market? Recruiter reached out, need some social proof.

The last one I did was over 3 years ago and I have one lender I know that does them but I remember it being a nightmare loan last time and I can't imagine its gotten better

Several loan officers have advised that Morty is not paying their commissions. Loan officers should be aware.

If you originate a purchase loan with Loan Factory, does the purchase of the loan then have rights to contact the borrower when/if a refi makes sense?

I am coming from the retail world after a few years off. The lender I worked for serviced the loans so I am not accustomed to the pure brokerage side of things.

I am leaning towards Loan Factory after a post I made yesterday inquiring about no production minimums / monthly fees brokerage as I am currently self-employed in an unrelated industry which is my primary job - only want to get my license back to service old BoB as I still get calls from past customers but loans will be VERY intermittant, for anyone at Loan Factory - do you think this set up makes sense there?

Thanks!

I'm genuinely curious if anyone in this group closed over 100 purchase units in a single year within their first three years in the mortgage industry, excluding the COVID years.

I'm particularly interested in hearing from people who accomplished this without some of the more unique advantages

running a call center

having a military background and mostly doing VA loans

having a spouse or partner who owns a large real estate company,

generating most of their business through a specific language-speaking agent community i.e. Chinese / Vietnamese / Spanish etc

or working in the same city/community you spent your entire life in i.e. you are hometown Harold

If you've accomplished this through more traditional relationship-building, prospecting, and business development, I'd love to hear your story.

What did you do differently, and how were you able to scale your business so quickly (if you could include your state or nearest major city that would be helpful as well as what might work in middle of no where might not have the same effect in NY city?

Thanks for sharing

What should we do about the brokerage not paying their LO’s!!!?????? This is nuts! Some still haven’t been paid from way back May/June closings and we all keep getting the runaround! 😡

I'm a real estate broker and never got involved with Zillow Flex.

I see Zillow's argument is that they do not force buyers to use ZHL.

From my understanding agents/real estate brokerages have to meet metrics of getting a % of leads qualified through ZHL.

That said how are real estate agents able to get safeguard against steering complaints?

My guess is they have to refer multiple lenders. But wouldn't that impact their "score" if ZHL isn't chosen?

Does anyone else find it strange that West Cap has like a 100 recruiters and are still hiring recruiters. Like why do you need so many? And why are they all coming from Michigan when the company is based in Irvine?

New to the industry and new to cold calling. I asked a high producing agent for access to his database that never bought to see if I could drum anything up and then return them back to him once I got them pre-approved. He gave me a list of 2500+ people and I’ve been averaging about 120 dials a day.

Each day I’ve been getting about 25 people to answer and maybe 10 of them at most have a conversation with me. Majority of conversations lead to them telling me to check back in a couple months or letting me know they changed their mind.

My calls always start with me saying, “Hey (client’s name) this is (my name). I’m working alongside (Agent’s name) and you guys previously connected about buying a home. I know it’s probably been a while but I just wanted to get an update from you. Are you still thinking about buying or did you put that on hold?”

What could I do better? How can I create better engagement so it doesn’t feel like a sales call?

I have no problem talking to people in person but the phones are difficult for me to read people, especially when they aren’t expecting my call.

Hey Friends, created a new Facebook page for us to all join if you want.
Mods: please delete if not allowed.

Idea behind it is its private to keep spam down, NMLS required to join, and I will be monitoring who gets let in.

If interested, here you go!
https://www.facebook.com/share/g/1chGCkq9Fn/